Macquarie in $516 million acquisition
In what represents its first major acquisition since the onset of the global financial crisis, Macquarie has moved to pick up US-based diversified asset management firm Delaware Investments for $516 million.
The transaction was announced to the Australian Securities Exchange (ASX) late yesterday, with Macquarie announcing that when the transaction was complete the group would boast combined assets under management with Delaware of $361 billion.
The company said the acquisition was consistent with its strategy of developing a global asset management capability.
It said Delaware would remain headquartered in Philadelphia, and with access to Macquarie’s investment strategies, notably in real assets, global fixed income and alternatives, its clients would be offered opportunities to invest in new products.
The announcement said Macquarie’s clients would, in turn, be offered investment solutions involving Delaware’s investment strategies.
AUTHOR
Mike Taylor
Recommended for you
Shadow financial services minister, Luke Howarth, has stressed the Coalition’s commitment to reforming the CSLR, adding that he ultimately wants to “get rid of it”.
With just over three weeks until the federal election, the FAAA has put a reduction in red tape and further support for new entrants on its priority list for an incoming government.
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
